service overview
Mortgage Help for First Time Buyers
If you are buying your first home, it is understandable if you are overwhelmed. First time buyers often need extra advice in order to find the perfect property and mortgage for them. There are so many mortgage options out there and it can be difficult to narrow down the best deals.
You’ll need to choose between fixed-rate mortgages, variable-rate mortgages and ensure you have the required deposit. At GPD Mortgage Solutions, we help first time buyers navigate the process and can assist with any government schemes. We make the process simple so you can move into your first home without too much additional stress.
Key Benefits of Mortgage Advisors for First Time Buyers
Receive advice on the best types of mortgages
Help with applying to government Help to Buy schemes
Easily navigate the home buying process with expert advice
Secure a mortgage that is affordable with reasonable interest rates
We will charge a fee of between £0 and £995. The amount we will charge is dependent on the amount of research and administration that is required. Typically our fee will be £395.
Get Mortgage Advice Today
If you are thinking about buying a property this year, a mortgage advisor is exactly what you need to find the best rates. Get in touch today to find the best possible mortgage for you.
If you are applying for a mortgage as a first time buyer, the lender will assess everything from your salary to your outgoings. If you have any credit cards or loans, they will use this information to decide if you are eligible for a mortgage. There are some mortgages that are designed with new buyers in mind. Typically, a mortgage lender will offer a maximum amount based on your savings, your salary and the price of the property.
The best mortgage rates for first time buyers often depend on a number of factors. You first need to decide on the kind of mortgage that you are looking for. Usually, there will be a fixed-rate for around 2 years, and this will be followed up by a variable-rate for the remaining mortgage term. If you are seeking expert advice on the best rates, GPD Mortgage Solutions can narrow down the options for you.
The amount that new buyers can depend on personal circumstances. It is important that the lender knows that you will be able to pay your mortgage back over time and so they will do a lot of research into your current finances. Factors that will be considered include your credit rating and history, your salary, your outgoings and your deposit amount. As a rule of thumb, mortgage lenders will offer as much as 4.5x your salary. This can be increased under certain circumstances.
Help to Buy Scotland is a government scheme set up to benefit first time buyers. There are two schemes currently in place including the Affordable New Build scheme and the Smaller Developer scheme. The scheme is open to first time buyers who need help with purchasing a new build home. The scheme will require buyers to pay at least 85% of the total purchase price and the Scottish Government will cover the remaining share. This will involve a shared equity agreement.
The Help to Buy Scotland scheme has specific criteria for those who are eligible. You must ensure that you can cover 85% of the mortgage and deposit and the value of the new build must be under the maximum threshold. The mortgage taken out must also be a repayment mortgage of at least 25% of the total purchase price. Interest only mortgages are not accepted. Finally, you must have spoken to a lender or a financial advisor before applying. GDP Mortgage Solutions can act as this advisor.